202年报点评：检测实验室全国布局，高端科学仪器实现销售

Investment Rating - The report maintains a "Buy" rating for the company [4][18]. Core Views - The company has achieved a revenue of 950 million yuan in 2023, representing a year-on-year growth of 16%, with a net profit of 126 million yuan, up 10% year-on-year [14]. - The third-party testing business has seen a revenue increase of 25% to 483 million yuan, driving overall revenue growth [14]. - The company is expanding its national layout of testing laboratories, with several locations already operational and others under renovation [14]. - The sales of high-end scientific instruments have increased, with new products like mass spectrometers and electron microscopes gaining recognition in the market [2][24]. Summary by Sections Financial Performance - In 2023, the company achieved an operating income of 950 million yuan, a 16% increase year-on-year, and a net profit of 126 million yuan, a 10% increase year-on-year [14]. - The third-party testing business contributed 483 million yuan in revenue, marking a 25% increase [14]. - The company’s gross profit margin for the third-party testing business improved to 50.63%, up 2.38% year-on-year [1]. Business Development - The company is transitioning its third-party testing services towards high-barrier material evaluation, providing comprehensive testing and evaluation services for national major engineering projects [1]. - The company has secured 55 national-level projects from various government departments [1]. - The sales of basic testing instruments have reached record highs, with products like ICP spectrometers and gas element analyzers achieving significant sales [24]. Future Outlook - The report forecasts net profits for 2024, 2025, and 2026 to be 172 million yuan, 194 million yuan, and 244 million yuan respectively, with corresponding EPS of 0.45, 0.51, and 0.64 yuan [18]. - The company aims for a compound annual growth rate of over 17% in net profit during the "14th Five-Year Plan" period [15].